Belle profit down 11%

MANILA, Philippines—Property and gaming firm Belle Corp. posted an 11-percent year-on-year decline in its six-month net profit to P90.5 million due to lower real estate revenues.

Gross revenue declined by 38 percent to P222.6 million year on year in the first semester as it booked lower revenues from the sale of real estate and club shares (P192.11 million compared to P338.87 million last year). Gross profit also fell by 34 percent to P141.9 million.

The company has been devoting significant resources to development activities connected with its integrated resort project in Parañaque City, which is targeted for opening next year, the company told the Philippine Stock Exchange on Friday.

Total operating expenses increased by 11 percent to P112 million in the first half due to higher administrative expenses.

The company’s equitized net earnings from associated companies rose by 22 percent to P74.3 million from a year ago mainly due to the contribution of Pacific Online Systems Corp., where it owns a 35-percent stake.

Pacific Online—which leases online equipment to the Philippine Charity Sweepstakes Office for lottery operations in Visayas and Mindanao—contributed P67 million in equitized earnings to Belle. This was lower than its P69.3 million contribution a year ago.

Belle, which is part of the main-share PSEi, has a market capitalization of P51.74 billion based on its closing price of P4.90 per share on Friday.—Doris C. Dumlao